Types of Medical Malpractice Insurance

Types of Medical Malpractice Insurance

IF you are looking at the availability of the Medical Malpractice, Houston, Tx, Insurance Claims policies; you might well understand that there are various kinds with each of these varying in the type of coverage provided by the medical professional. Since it is so critical to have the right level of insurance protection in place, it will help to have a better idea of the range of policies available and extent of coverage provided. Here are the main types of medical malpractice policies available :

1. Claims-made coverage

A claims-made coverage in a medical malpractice policy designed to provide coverage throughout the period the insurance is in force and active. So, so that a claim can be accepted by the insurance, it would need to be filed during the period of the current insurance coverage. If a doctor or surgeon later decide to switch insurance or the policy is canceled, the policy is no longer able to accept future claim requests, even if the alleged negligence took place while the insurance was previously active. Insurance costs for this type of policy are more affordable than some of the alternative options for the period of insurance is limited and excludes of the potential of future liabilities.

2. Tail coverage and prior acts

If the claims-made coverage has been taken out by the medical professional, it often benefits to rely on the extra services provided by the tail coverage policy. If a doctor would like the extra reassurance in knowing that liability coverage will continue for a claim that might be reported after the period of the standard insurance term, then the add-on protection is likely to be highly desirable. If a doctor or surgeon purchases this extra cover from an insurance company that organized the coverage on the expired policy, the add-on protection is known as tail coverage. But in those situations where the extra coverage is purchased elsewhere, the policy is referred to as prior acts coverage.

Occurrence coverage

An occurrence coverage malpractice policy can offer the more wide-ranging coverage option and allows a claim to be filed at any time providing that insurance coverage was in force when the incident took place, and it doesn’t matter if a policy has been canceled or expired since the reporting of the alleged act of negligence. By eliminating the need to rely on the trail or prior acts extensions, you are more able to a higher level of protection under the single policy. Due to the broader coverage provided under this policy, it is often found to attract the higher rates than compared to the claims-made policies.

By investing in the right type of malpractice insurance policy, a doctor is likely to experience a range of benefits from these policy plans. They are not only able to cover any of the damages that might be awarded to the injured patients but also able to help with covering any legal costs that might be associated with the defense of the negligence claim.

In regards to the malpractice insurance, there are specific exemptions about who requires this type of coverage. A federal government or military doctor isn’t likely to require coverage of this kind since the government can insure itself from these kinds of claims, which permanently removes the liability from the shoulders of the individual doctor.